Connect with us

News Feed

The Forbes Five: Meet Hip-Hop’s Wealthiest Artists 2014

Published

on

Capture

According to Forbes, Diddy, Dr Dre, Jay Z, Birdman and 50 cent are the richest Hip Hop artists in the world currently…in that order. Didddy is now worth $700million. Wow! See the full report below…

Back in 2007, Sean “Diddy” Combs teamed with Jay Z and 50 Cent to create a song titled “I Get Money: Forbes 1-2-3 Billion Dollar Remix.” Less than a decade later, rappers are closing in on ten-figure fortunes, and he’s the nearest of the bunch.

Diddy leads the pack with an estimated fortune of $700 million, an increase of $120 million over his net worth last year. The change comes largely from the addition of Revolt TV—the new, music-focused, multi-platform channel of which he’s the majority owner—to his already-hefty portfolio.

Diddy has plenty of competition in the race to $1 billion. His top challengers are Dr. Dre, who ranks second with $550 million, and Jay Z, in third place with an estimated $520 million. The former leapfrogged the latter on this year’s Forbes Five thanks to a large stake in Beats By Dr. Dre, which he cofounded with Interscope chief Jimmy Iovine in 2008.

The company controls an astounding two-thirds of the premium headphone market, with annual sales reportedly in excess of $1 billion and growing. Private equity firm Carlyle invested $500 million for a minority stake last year, pushing Beats’ value past $1 billion and likely closer to $2 billion.

“Beats has a unique brand—it speaks to a nice young demographic, which is really interesting to marketers,” says Peter Csathy, former president of Musicmatch, an early digital music purveyor acquired by Yahoo YHOO +0.11% in 2004 for $160 million. “When I think about Beats, I think about it as a lifestyle, I think of it as a media company, not just a hardware and music-focused company.”

Jay Z’s fortune continues to grow at a healthy clip, too. He’s made multiple nine-figure deals in the past, including his $204 million Rocawear sale in 2007 and his $150 million pact with Live Nation in 2008. But much of his recent growth comes from Roc Nation, his record label and management firm that recently added a sports agency. The outfit gets a single-digit cut of pacts like Robinson Cano’s $240 million monster agreement.

Bryan “Birdman” Williams, whose net worth would be over $300 million if he didn’t share his fortune with brother Ronald “Slim” Williams. The duo cofounded Cash Money Records two decades ago; Cash Money continues to grow with a roster that includes Drake, Nicki Minaj and Lil Wayne. Birdman has also diversified with Cash Money Content, GT Vodka and the YMCMB clothing line.

Rounding out the list is 50 Cent, who owes most of his fortune to his $100 million haul from the sale of Vitaminwater in 2007. Now he’s trying to repeat the feat with companies like SMS  Audio and SK Energy beverages. In the meantime, he’ll reboot his music career by taking his G-Unit Records independent and releasing new album Animal Ambition in June.

Culled from Forbes.
Note: This story is an expanded version of a piece that ran in the May 5, 2014 issue of FORBES magazine.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News Feed

COVID-19 vaccine: US embassy celebrates Nigerian doctor Ogbuagu

Published

on

The United States Mission to Nigeria has celebrated Dr Onyema Ogbuagu, for his role in the development of a COVID-19 vaccine.

Ogbuagbu, who graduated from the University of Calabar in 2003, migrated to the US and rose to become an Associate Professor of Medicine and Infectious Disease Specialist at Yale University.

He was part of the team that helped pharmaceutical company, Pfizer, to develop a COVID-19 vaccine.

In a Facebook message on Monday, the US mission wrote, “Nigerians contribute to the world in so many ways. Our hats off to Dr Onyema Ogbuagu at Yale who helped develop a COVID-19 vaccine.”

Ogbuagu is the son of a former Vice-Chancellor of Abia State University, Prof Stella Ogbuagu. He also has a twin brother who is an engineer.

Continue Reading

News Feed

Elon Musk surpasses Bill Gates to become the world’s second-richest person as Tesla’s market cap inches closer to $500 billion

Published

on

After beating Mark Zuckerberg in world rich list ranking — the billionaire Tesla CEO Elon Musk has now leapfrogged Bill Gates to grab the world’s second-richest ranking.

Musk’s net worth rose more than $7.2 billion on November 23, driven by another surge in the Tesla share price, according to the Bloomberg Billionaire Index. The current net worth of Elon Musk stands at $127.9 billion.

This comes as one of the biggest gains in the ranking of the world’s 500 richest people — Musk has added over $100.3 billion to his net worth this year.

Elon Musk surpasses Bill Gates to become the world’s second-richest person as Tesla’s market cap inches closer to $500 billion

In January 2020, he ranked 35th, but the soaring Tesla share price has driven his ranking to surpass other billionaires in the world.

The jump in Musk’s fortune came as the shares of the electric car-maker Tesla soared as the electric car makers market cap neared $500 billion on Monday.

Gates would have been on the top, had it not been for his philanthropy.

~BusinessInsider~

Continue Reading

News Feed

#EndSARS Protest: Those who have murdered Nigerians will not benefit from trade or travel to the UK – Lyn Brown

Published

on

British politician serving as Member of Parliament, Lyn Brown has called for sanctions against those involved in the shooting incident during the EndSARS protest in Lekki on October 20.

Speaking during a debate in the house on Monday November 23, Lyn stated that the least they can do is to make sure that those who have “murdered” Nigerians and deprived them of their human rights are not able to benefit from trade or travel to the UK.

She added that these include government officials and the Nigerian army who are stopping a “transparent investigation and effecting of justice.”

The lawmaker also averred that it was unfortunate that the Federal Government went ahead to not only accuse protesters of sponsoring terrorism and freeze their accounts, but also blamed them for the increase in food prices.

Continue Reading

Trending